Employees

The HRSP is a straightforward way to save for your retirement through convenient payroll deductions.

• Roth IRA: For each enrolled employee, a Roth IRA is established where your contributions will be deposited. A Roth IRA uses after-tax dollars, and qualified distributions in retirement are tax-free.
• Automatic enrollment (Effective May 29, 2025): Recent legislation changed the program to an automatic enrollment model. You will be automatically enrolled and have your contributions withheld from your paycheck unless you explicitly opt out. Employers will provide a written notice of your right to opt out.
• Default contribution rate: The default contribution rate is set at 5% of your compensation.
• Flexible contributions: You have the flexibility to increase, decrease, or stop your contributions at any time, subject to IRS limits.
• Portable accounts: Your retirement savings account is yours and is fully portable, so you can take it with you if you change jobs.